Disney has announced that James Gorman will take over as the new chairman of the company, replacing Mark Parker in January. This move comes as part of the preparation to select a successor for CEO Bob Iger by early 2026. Gorman, who joined Disney’s board less than a year ago, was appointed as the head of the succession planning committee in August and will continue in that role while serving as board chairman.
Bob Iger expressed his gratitude towards Mark Parker for his leadership and contribution to the company over the years. Parker, who has been on the Disney board for nine years, will be stepping down to focus on other areas of his work, including Nike-related matters. This transition comes as Nike appointed Elliott Hill as the new CEO, replacing John Donahoe.
Initially, Disney had aimed to announce a successor by 2025 but has now pushed the timeline to early 2026. This extension will allow the board more time to thoroughly evaluate both internal and external candidates for the CEO position. James Gorman’s experience in overseeing succession planning at Morgan Stanley has positioned him well for his new role at Disney.
Following the dismissal of Bob Chapek as Iger’s successor in 2022, the board is determined to ensure a smooth transition this time around. The four direct reports of Iger have all been interviewed by the succession committee, including top executives like ESPN Chairman Jimmy Pitaro and Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman.
While setting a specific timeline for naming a successor provides some clarity, it also means that the anticipation of who will take over from Iger will linger for another year. Iger, who has postponed his retirement multiple times, currently has a contract as CEO until the end of 2026. Discussions are ongoing regarding the possibility of extending his tenure on the board beyond that date.
The appointment of James Gorman as board chairman marks a significant step in Disney’s succession planning process. With his expertise and experience, Gorman is well-positioned to guide the company through this transition period and ensure a successful handover of leadership when the time comes. As Disney continues to evolve and grow, having a strong and stable leadership team in place is crucial for its long-term success.
